California Assembly Member Steps Forward To Legalize Blockchain Data
Feb 21, 2018 Posted / 4741 Views
A California based lawmaker and assemblymember, Ian Calderon introduced a bill named Assembly Bill 2658 with an aim to legalize Blockchain technology and make it a part of electronic records and signature. If passed, the bill will come under Uniform Electronic Transactions Act and will update governments electronic records.
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In the existing law, it is specified “a record or signature may not be denied legal effect or enforceability solely because it is in electronic form and that a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation.” A blockchain signature will be legally enforceable when duly signed and approved by California’s legislature and the Governor, Jerry Brown.
“A record that is secured through blockchain technology is an electronic record.”
In accordance with the above-mentioned statement, the measures states that a signature secured by Blockchain Technology will be called an electronic signature and term “contract” will be replaced by “smart contracts”.
As per the proposed bill, an individual can store his data in Blockchain Technology for the purpose of inter-state trading and will get right of complete ownership of his personal information.
Ian Calderon is the first one to propose such state-wise storage of data in his territory. The similar bill emerged in Arizona which was proposed by an individual of Florida. The lawmakers of Arizona passed the bill, legalizing blockchain data and smart contracts.
California’s bill grabbed limelight as it is the largest economy state of U.S. with the gross domestic product similar to that of France.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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